2024-08-01 10:36:30 ET
Teladoc Health (NYSE: TDOC) stock, the telemedicine specialist that made the controversial decision to spend $18.5 billion on diabetes care company Livongo in 2020 , reported more bad news last night, sending shares down 8.7% through 10 a.m. ET.
Analysts following Teladoc forecast the company would report quarterly losses of $0.35 per share on sales of $649.6 million. As it turned out, the news was even worse: Teladoc lost $4.92 per share on $642.4 million in revenue in the second quarter of 2024.
Teladoc's once-rapid growth is history. Q2 sales dropped 2% year over year. Telemedicine per se wasn't the problem (5% growth in this segment was actually OK). Rather, tele-psychological care -- the company's BetterHelp unit -- struggled in Q2, with sales down 9%.
For further details see:
Why Teladoc Stock Got Socked for a Loss Thursday